July canola is up $2.60/mt with November canola up $4.00/mt, July soybean oil is down 1.01 cents/pound, August European rapeseed is up 5.25 euro per mt and August Malaysian palm oil is down 0.26%. December oats are up 3 1/2 cents/bushel. August crude oil is down $.94/barrel, August ULSD is up $.0209/gallon, and the September Canadian dollar is down .00210 at .70685. The September U.S. Dollar Index is up .381 at 101.175 and the July Brazilian real is down .00165 at 0.19245.

Canola recovered from early losses thanks in part to diesel prices doing the same and ongoing concern over the European drought that's supporting their rapeseed market. Soybean oil has done the opposite with losses increasing as the long soybean oil/short soybean meal trade appears to be going through a profit taking unwind.

Soybeans remain higher with soybean meal supporting prices while corn and wheat turned weak early in the day session and have had difficulty shaking that off. The corn market in particular was back to testing contract lows with the benign weather in the U.S. Corn Belt (overall) doing little to attract buyers.

Conflicting reports regarding Iran's nuclear situation and the ultimate control over the Strait of Hormuz continue to keep energy traders relatively indecisive with crude oil weakening from overnight levels while diesel prices turned positive by mid morning. Additional attacks by Israel against Lebanon continue to threaten the agreement.

Outside markets tried to shrug off the pressure in technology but stocks have returned to overnight lows with the Nasdaq back to being down almost 3%. Bonds are quietly higher as money likely flows from stocks into bonds while the U.S. dollar remains very strong as it breaks higher from its saucer bottom that's been years in the making.

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